
Barchart analysis says USDA projects US wheat ending stocks for 2025/26 at their highest since 2019/20, up 10%, while US wheat exports are projected down 20 million bushels. The US winter wheat harvest was 63% complete and spring wheat conditions improved to 54% good to excellent.
Higher US ending stocks and cheap SRW wheat pressure prices, though improved spring wheat conditions reinforce the ample supply outlook.
After 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% over 20.
After 138 past bearish report events, Wheat (HRW) moved a median +0.0% over 5 sessions (50% higher; middle half -2.9% to +2.4%), and +0.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.